Transfer of NHS pension to LGPS

RGBSE

I would greatly appreciate advice regarding my pension arrangements due to a pending change in employment.

Approximately six years ago, I transferred my Local Government Pension Scheme (LGPS) benefits into the NHS Pension Scheme when I took up a position within the NHS. The transfer value at that time was £110,000. My starting salary in the NHS role was £46,000, and this has since increased to £56,000. I mention this to provide context regarding my pension accrual over the past six years.

I have now secured a new position with a Local Authority, with a slightly higher salary, and I am therefore rejoining the LGPS.

I am currently considering whether it would be more beneficial to:

• leave my existing NHS pension benefits where they are, or
• transfer them into the LGPS to consolidate my pension arrangements.

From a personal perspective, the idea of having my pension provision in one scheme is appealing, and I understand that the LGPS may offer greater flexibility in terms of early retirement options. However, I am keen to understand the financial implications of transferring versus retaining my NHS pension benefits.

For context, I am currently 58 years old, so my retirement planning horizon is relatively short.

Silvertabby

Ylu can ask the LGPS for a transfer quote before making your final decision.

RGBSE

https://forums.moneysavingexpert.com/discussion/comment/82004538#Comment_82004538

Would I therefore need to get a transfer value from the NHS ? Thankyou

Silvertabby

Once you have joined the LGPS you will be asked if you have any other pension rights that you may wish to consider transferring in. Tell them yes, NHS, and they will set the ball rolling.